XP Posts R$1.3 Billion Q4 Profit as Clients Keep 80% of FGC Payouts on Platform

Overview

• XP is retaining about 80% of funds reimbursed by the FGC to investors in Master CDBs, above its historical 65%–70% retention range.
• Adjusted net income reached R$1.3 billion in Q4 2025, with R$4.9 billion in revenue and R$32 billion in net inflows, lifting client assets to about R$1.5 trillion.
• Client allocations are shifting toward longer-duration fixed income, with roughly 30% going to short-term daily-liquidity products early in 2026 versus about 50% to sub‑six‑month assets last semester.
• XP reports it had approximately R$35 billion in Master and Will Bank CDBs across its client base and holds more than 50% share in distributing medium-sized bank CDBs.
• The company says its third-party distribution criteria are unchanged, citing past exclusions such as BRK Financeira and Portocred, and it backs measured FGC reforms to strengthen protections without curbing competition.